Besides not wanting to get up at 3 AM to elbow throngs of shoppers for that last toaster/pair of mittens/Disney Princess Unicorn doll, I'm generally not convinced that the deals are that much better than picking up things throughout the year on sale and using coupons and cashback.
My friend went to Toys"R"Us this year for Black Friday. It opened at 10 PM on Thanksgiving night, and a friend of hers got there early to wait in line. She was happy she went. She got a bunch of toys for gifts and she said there was a real feeling of camaraderie among the shoppers. That surprised me. I thought people would be ready to stick you with a shiv if you got too close to the case of Moon Sand they were staking out.
I would certainly go shopping at 10 PM -- I'm a night owl, so that's actually perfect for me. My holiday gifts come from lots of different stores, though, so I'd have to get a group together on Black Friday so we could each hit a different store, then meet up later to split up the booty. Also, I like to research my purchases and make sure I'm getting just the right thing. Since Black Friday ads come out pretty close to the day, I wouldn't really be able to do that.
I think Black Friday is perfect for the shopper who doesn't want to mess with all the fuss sometimes associated with the shopping, who just wants to get in and get out knowing that whatever they get is a pretty good deal. Now that I think about it, that sounds like my husband. I wonder if I could convince him next year ....